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CENVEO, INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2017 10-Q, filed Nov 9, 2017. Its latest SEC filing is a 15-12B from Jan 30, 2019.

The sections below describe the company as of the FY2016 annual report.

What Did They Do?

Makes direct-mail, billing and specialty envelopes; commercial print products for businesses; and custom and prescription labels for companies and retail pharmacy chains.

How Did They Make Money?

Customers pay for printed products; sales are counted when products have been delivered, with pricing set and collection reasonably assured.

FY2016 revenue

Who Were Their Customers?

Transactional envelopes serve end users such as financial institutions, insurers and telecommunications companies; specialty envelopes and labels are sold through wholesalers, distributors, catalogs and resale networks. Print customers include businesses in consumer products, automotive, travel and leisure.

Did Revenues Turn Into Profits?

Yes. Its net income in FY2016 was larger than its revenue, but spent more cash than it brought in: free cash flow was −$2.3M.

Operating income, FY2016
259% of revenue
Net income, FY2016
231% of revenue
Free cash flow, FY2016
−8% of revenue

How Were They Changing?

Since the FY2016 annual report
Latest quarter: Q3 FY2017, the three months to Sep 30, 2017
Revenue
▼ −14%
vs $382.7M in Q3 FY2016
Net income
▼ Now a loss
vs $9.4M in Q3 FY2016
  • Aug 10, 2018 Filed a reorganization plan with proposed exit financing The plan proposes $236.0 million in term loans and a $175.0 million revolving facility, subject to bankruptcy court approval.
  • Jun 5, 2018 Reached a global settlement on bankruptcy plan terms
  • Feb 5, 2018 Nasdaq moved to delist Cenveo’s stock Trading was scheduled to be suspended unless Cenveo appealed the decision.
  • Feb 2, 2018 Entered Chapter 11 and arranged debtor-in-possession loans The company entered an asset-based revolving facility and a term loan facility.

Grew. Revenue grew 25% in 4 years, from $23.5M in FY2012 to $29.4M in FY2016, about 6% a year.

Exited specialty packaging The older report includes folded-carton and shrink-sleeve packaging; the latest says Cenveo sold those businesses as part of its Packaging Business.

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